Advisory Expert Group on National Accounts
April 23-25, 2012, New York
Prepared by Manik Shrestha
Presented by Peter Van de Ven

“The IAG, which includes all agencies represented in
the Inter-Secretariat Working Group on National
Accounts, to develop a strategy to promote the
compilation and dissemination of the balance sheet
approach (BSA), flow of funds, and sectoral data
more generally, starting with the G20 economies.
Data on nonbank financial institutions should be a
particular priority. The experience of the ECB and
Eurostat within Europe and the OECD should be
drawn upon. In the medium term, including more
sectoral balance sheet data in the data categories of
the Special Data Dissemination Standard could be
considered.”
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

Expand the dissemination and reporting of
internationally comparable and detailed
annual and quarterly sectoral accounts by
both G20 and non-G20 advanced economies.
Expansion involves improving the
compilation of sectoral accounts in terms of
details (sub-sectors and asset details),
closing data gaps, and developing financial
flows and stocks on a from-whom-to-whom
basis.
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
An IAG Working Group leads and takes forward work on
implementation
◦

Members are BIS, ECB, Eurostat, IMF (Chair) OECD, and UN
A joint IMF-OECD Conference on Strengthening Sectoral Position and
Flow Data in the Macro-economic Accounts at IMF Headquarters
during February 28 – March 2, 2011
◦ Provided guidance towards a minimum and encouraged set of internationally
comparable sectoral accounts (Template)

A meeting of the IAG WG during September 12-13, 2011 at OECD
Headquarters
◦ Discussed the way forward and international collaboration for the
implementation of work on sectoral accounts and agreed on a data reporting
template

Presentation of work on sectoral accounts and the Template on
sectoral accounts at the OECD working party meeting in October
2011
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


SNA – a broad framework
Implementation of SNA: Emphasis on coordination
Need to ensure international comparability
◦ Not just standards and concepts
◦ But also implementation
 What part/s of the system
 Best practices in collection and compilation
 Dissemination

Template sets the scope of sectoral accounts and
balance sheets
◦ Guides the implementation
◦ Ensures internationally coordinated efforts towards
producing and disseminating internationally comparable
sectoral accounts
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Elements of the Template

Classifications
◦




Minimum and encouraged sector and sub-sector
breakdowns
Transaction breakdowns in non-financial (current and
capital) accounts
Classification of financial instruments
Classification of non-financial assets
Scope of accounts and tables
Frequency
Timeliness
◦
◦
◦

One quarter for quarterly and nine months for annual data
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
Sector details
◦ Non-financial corporations
 Of which public non-financial corporations
◦ Financial corporations
 Of which public financial corporations
 Monetary financial institutions
 Insurance and pension funds
 Other financial corporations
◦ General government
◦ Households and NPISHs
◦ ROW

Transactions details are at a more aggregated level
than the ones in the 2008 SNA
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Template: Minimum Transaction Details for non-financial (current and capital)
accounts (1)
P.6 (for S2)
P.7 (for S2)
B.1g
D.1
B.2g+B.3g
D.2
D.3
D.4
D.41g
B.5g
Exports of goods and services
Imports of goods and services
Value added, gross / Gross domestic product
Compensation of employees
Operating surplus, gross and Mixed income, gross
Taxes on production and imports
Of which:
D.21 (for S1) Taxes on products
Other taxes on production
D.29
Subsidies
Of which:
D.31 (for S1) - Subsidies on products
- Other subsidies on production
D.39
Property income
Of which:
Interest
D.41
Property income other than interest
D.4N
Total interest before FISIM allocation
Balance of primary incomes, gross / National income, gross
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Template: Minimum Transaction Details for non-financial (current and capital)
accounts (2)
D.5
Current taxes on income, wealth, etc
D.61
Net social contributions
D.62
Social benefits other than social transfers in kind
D.63
Social transfers in kind
D.7
Other current transfers
Of which:
D.71
Net non-life insurance premiums
D.72
Non-life insurance claims
D.7N
Other Current transfers, not elsewhere specified
B.6g
Disposable income, gross
D.8
Adjustment for the change in pension entitlements
P.3
Final consumption expenditure
Of which:
B.8g
P.31
Individual consumption expenditure
P.32
Collective consumption expenditure
Saving, gross
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Template: Minimum Transaction Details for non-financial (current and capital)
accounts (3)
D.9
Capital Transfers
Of which:
P.5g
D.91
Capital Taxes
D.9N
Investment Grants and other capital transfers
Gross capital formation
Of which:
P.51g
P.52+p.53
Gross fixed capital formation
Changes in inventories and acquisition less disposals of
valuables
P.51c
Consumption of fixed capital
NP
Acquisitions less disposals of non-produced assets
B.9
Net lending (+)/Net borrowing (-)
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Template: Minimum and Encouraged Sectors for Quarterly Financial Account and Positions
Non-financial corporations (S11)
Of which: Public non financial corporations
Financial corporations (S12)
Monetary financial institutions (S121+S122 +S123)
Central bank (S121)
Other depository-taking corporations (S122)
Money market funds (S123)
Insurance corp. and pension funds (S128+ S129)
Insurance corp. (S128)
Pension funds (S129)
Other financial corporations (S124+ S125+ S126+ S127)
Of which: Nonmoney market investment funds (S124)
Of which: Other financial intermediaries except insurance and pensions (S125)
Of which: Financial Auxiliaries (S126)
Of which: Captive financial institutions and money lenders (S127)
Of which: Public financial corporations
General government (S13)
Of which: General Government Social Security (S1314)
Households and NPISHs (S14+S15)
Households (S14)
NPISH (S15)
Rest of the World (S2)
Minimum
Encouraged
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Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (1)
F1
F2
F3
F4
Monetary gold and SDRs
F11 Monetary gold
F12 SDRs
Currency and deposits
Of which: Domestic currency
F21 Currency
F22 Transferable deposits
F221 Interbank positions
F229 Other transferable deposits
F29 Other deposits
Debt securities
Of which: Domestic currency
F31 Short-term
F32 Long-term
With remaining maturity of one year and less
With remaining maturity of more than a year
Loans
Of which: Domestic currency
F41 Short-term
F42 Long-term
With remaining maturity of one year and less
With remaining maturity of more than a year
Minimum
Encouraged
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Template: Minimum and Encouraged Instruments for Quarterly Financial Account and Positions (2)
F5
Equity and investment fund shares
F51 Equity
F511 Listed shares
F512 Unlisted shares
F519 Other equity
F52 Investment fund shares/units
F521 Money market fund shares/units
F522 Non MMF investment fund shares/units
F6
Insurance, pension and standardized guarantee schemes
F61 Non-life insurance technical reserves
F62 Life insurance and annuity entitlements
F63+F64+F65 Retirement entitlements
F63 Pension entitlements
F64 Claim of pension fund on pension managers
F65 Entitlements to non-pension benefits
F66 Provisions for calls under standardized guarantees
F7 Financial derivatives and employee stock options
F71 Financial derivatives
F711 Options
F712 Forwards
F72 Employee stock options
F8 Other accounts receivable/payable
Of which: Domestic currency
F81 Trade credits and advances
F89 Other accounts receivable/payable
Minimum
Encouraged
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
Sector details (according to for non-financial
(current and capital) accounts)
◦ Non-financial corporations
 Of which public non-financial corporations
◦ Financial corporations
 Of which public financial corporations
 Monetary financial institutions
 Insurance and pension funds
 Other financial corporations
◦ General government
◦ Households and NPISHs
◦ ROW
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Template: Minimum and Encouraged Non-Financial Asset Details
AN1
AN2
Produced non-financial assets
AN11 Fixed assets
of which,
AN111 Dwellings
AN112 Other buildings and structures
AN12 Inventories
AN13 Valuables
Non-produced non-financial assets
AN21 Natural resources
of which,
AN211 Land
of which,
AN. 2111 Land underlying buildings and structures
AN212 Mineral and energy reserves
AN22 Contracts, leases and licenses
AN23 Goodwill and marketing assets
Minimum
Encouraged
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
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
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A challenge given the various aspects of
sectoral accounts and diverse situations
among countries
The aim is to have internationally comparable
sectoral accounts at the maximum level of
details
An economy would aim for greater details than
the minimum required for internationally
comparable data to meet national data needs
Ultimately, requirements for analytical and
policy purposes should guide the priorities
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
Two main principles for data collection and
dissemination at the international level
◦ Templates for collecting data from countries should
have a long-term horizon, be valid as long as the
current statistical standard (2008 SNA/ESA 2010) is
expected to remain valid, and should allow reporting
by countries that have full detail as well as by those
that have less detail.
◦ A country should be required to complete the
template for a given reference period or date and
submit data to only one international institution.
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EU members
EUROSTAT
Euro area
members
ECB
OECD
Non-EU OECD
members
IMF
Non-OECD
IMF members
Existing
Future
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